Definition of "Chapter 13"

Pamela Lentz real estate agent
Pamela Lentz, Real Estate Agent Cummings & Co. Realty

A judicially approved plan in which a persons obligations are paid over three years. It is an arrangement for the repayment of debts which permits a credit user in severe financial straits to pay off credit obligations without declaring bankruptcy. See also bankruptcy; wage-earner plan.

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